Public sector banks come up with new loans to mitigate the impact of COVID-19

House made of bank cards, to illustrate, micro-financing, for the under-banked population.

To alleviate Covid-19 pains, public sector banks have announced a series of support measures besides various loan products. Among the measures also include unsecured loans of upto five lakh rupees to the individuals to meet their as well as their family member’s  cost of COVID-19 treatment.

The State Bank of India jointly with the Indian Banks Association announced three new loan products to provide fresh lending support to hospitals, dispensaries, vaccine manufacturers and the manufacturers and suppliers of oxygen, importers of vaccines, ventilators and patients for treatment and COVID-related drugs logistics firms.

The other two loans apart from individual loan for treatment include business loans for healthcare running up to Rs 100 crore and Rs 2 crore. Out of them, healthcare business loan is given for oxygen plants set up under Emergency Credit Line Guarantee Scheme (ECGLS) with 100 % NCGTC  guarantee cover. Loan for healthcare facilities is to the manufacturers of healthcare products and to set up or expand healthcare infrastructure.

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